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%HingeHealth has priced its initial public offering (IPO) at $32 U.S. per share, which is the top end of the expected range on Wall Street.

The digital physical therapy start-up company sold 8.52 million shares as part of the IPO, raising $273 million U.S. in the process.

The stock will begin trading on the New York Stock Exchange under the ticker symbol (NYSE: $HNGE ) on May 22. The company hoped to sell its shares in a price range of $28 U.S. to $32 U.S.

At the IPO price, Hinge Health is worth about $2.60 billion U.S., making it a small-cap stock defined as any security with a market capitalization of less than $10 billion U.S.

The company's valuation is down significantly from $6.20 billion U.S. in October 2021 during the company's last private funding round.

Hinge Health uses software to help treat acute %Musculoskeletal injuries, chronic pain, and carry out post-surgery rehabilitation with patients remotely.

The company's revenue in this year's first quarter increased 50% to $123.8 million U.S. from $82.7 million U.S. a year ago.

Hinge Health also reported net income for the period of $17.1 million U.S., rising from a loss of $26.5 million U.S. a year ago.

Hinge Health's IPO is the most notable one by a digital health provider since 2021. Digital health companies have struggled coming out of the Covid-19 pandemic.

Prior to its IPO, Hinge Health raised more than $1 billion U.S. from investors, including Tiger Global Management and Coatue Management.